If you have Customers… Read this
Just as the holiday shopping season was about to begin,… the Rokenbok toy company was in the middle of a business nightmare.
Online criminals from outside the country had encrypted the company’s files, demanding a hefty ransom to unlock the data. The company was losing thousands in missed orders by the day.
Worse yet, this cyber attack wasn’t Rokenbok’s first: earlier that year the company had been hit with a denial of service attack, shutting down their website.
“I sweated that one,” said CEO, Paul Eichen, in an interview with the New York Times. “Customers’ first impressions are critical.”
It took four days to reconstruct the data and the hackers were never caught.
Marriott revealed their own story and how 500 Million customers from their (acquired) Starwood system were breached. So you are worried “what happens if I find out I am breached ?”
But is it only about a breach or big companies ?
Nope… it could be social engineering (what’s that you ask?), or a ransomware attack … and those bad guys love ransomware during tax season. So even the sole practitioner needs to protect their business, and their customers. And there are so many more ways your business is being impacted by exposures that traditional insurance products were not built to cover.
You need a Cyber Liability review. With cyber premiums being so affordable, there is no reason to skip a complimentary review.
Cyber Liability is a question of “WHEN” not “IF”
Data drives the organizations of today’s world. Business of all sizes have had a cyber attack or data breach, with the average cost to rectify rising to $6.5 million per occurrence.
One stolen laptop, one careless employee, a virus or even paper records that fall into the wrong hands, can create a financial and reputation consequence affecting your business for years to come.
What does Broadfield Group Cyber Liability cover?*
With a comprehensive Cyber Liability policy, you can feel confident you’re covered in case of data breaches and related issues, including:
- Data compromise protection to cover employee and customer information if your data should ever be hacked, stolen (physical and electronic), corrupted, or subject to procedural errors or internal fraud
- Legal cost protection incurred by legal reviews
- Forensic services to assist in determining the nature, extent, and perpetrators of an electronic breach
- Personal services for any persons affected, which may include help line services, credit monitoring and case managers for identifying theft victims.
- Public relations costs paid for firms to review and respond to the potential impact of the data compromise
- Costs of legal defense in an event that the company is sued due to the breach
- Identity recovery protection to identity fraud victims and restore their credit history and records. This includes owners, employees and family members.
We can help protect your business against damage to electronic data, virus or malware attack, liability to third parties, and also help recover the cost of:
- Restoring and recreating data to your system
- Restoring systems to pre-attack levels
- Lost business and unforeseen expenses
- Public relations services, to communicate with outside parties concerning a computer attack and your public response
*Please see your actual policy for terms, conditions and actual policy details. These potential coverage’s may vary by insurance carrier.
Who is Cyber Liability Insurance for?
Cyber Liability coverage is available for any business, small and large, nonprofit organizations, and retailers. You may be able to save cost by bundling coverage with another policy to create a comprehensive suite of Business Liability coverages.
Broadfield Group can help you asses the risks to your business, and get you the protection you need in today’s data reliant world.
*Can we afford Cyber Liability, Privacy Insurance ?
Yes. Premiums from some carriers start as low as $400. Premiums are based upon a few underwriting facts like your type of business, annual sales, prior claims etc. Considering how affordable this coverage can be let get started.
The Broadfield Group Difference
You may think you want the cheapest insurance you can find, but realize you may not be getting everything you bargained for …
While most insurance products are similar in price and function, insurance providers are very different when it comes to structuring a policy that actually covers you.
There’s no such thing as a one-size-fits-all insurance policy when it comes to your business. Avoid shortcuts, and take the time to have a proper review.
We’re your neighbors. We protect people we know and care about, and that means we always look for ways to protect you better, including carefully choosing the insurance companies we represent to be both affordable and responsive.
Click on the quote request button now and let the professionals at Broadfield Group help you forge the strongest shield possible to help you protect the things you care about most.
For information about other business related insurance that we manage, please click: HERE